Spring means science fair season in schools. Here are business math activities to teach marketing, STEM (science, math, engineering and technology) with a student entrepreneurial science fair! In a never-ending quest to make learning hands-on and content approachable, here are science fair lesson plans that cover business math, money math, writing skills, engineering and design, technology, public relations and organization. It’s an entrepreneurial Manufacturers Marketplace cum science fair. And if you want to engage students in active learning and create lesson plans everyone will enjoy then Manufacturer’s Marketplace is the venue for you.
The concept behind Manufacturers Marketplace is simple. Each student designs, engineers and produces a good or service, which he vends to his school community on a given school day. All that is needed from teachers is help to coordinate time, place and student body. Manufacturers Marketplace makes great business math activities for grades 2-12. Manufacturers Marketplace is good for a fifth grade graduation activity or science project for an entrepreneurial science fair. It makes awesome life skills and consumer business math activities for special needs students too.
Here’s how to organize an entrepreneurial science fair with school students or in a homeschool cooperative. Give each participating child a business math planning sheet to fill out with parents. The student should explain what good or service he plans to market. He should calculate costs involved and compute a final price per unit. Cost per product should be kept to $1-$2 each so that student’s with little pocket money can still purchase something. Goods should be made by hand and not purchased. Services should be provided by the student.
Part of the business math marketing lesson is that the students must predict how many units of goods or services he will sell. Recommend that students bring at least one unit for every three – five students in the school. This business math marketing assignment teaches students about supply and demand. The student calculates cost based on materials and projected sales. He must also decide how to recoup any losses.
Students should draw a model of their product or service as well as an advertising poster to be hung in the school hallway. As a class, students should create a take-home flyer to be sent home with students in all grades, reminding students to bring money for Manufacturer’s Marketplace Day. On Manufacturers Marketplace Day, students should set up their product display on individual desks or tables. Classrooms of students should be given slots of time to browse and shop.
After your entrepreneurial science fair, students should calculate profit, factoring in any discounts they may have given, hidden costs incurred and any leftover product (to be deducted from the sales as a business liability). Students should also write a brief business report analyzing the project, listing successes as well as changes that they would make next time (bought too little, over-bought, etc.).
Handmade items children might like to market: origami, pet rocks, friendship bracelets, paper airplanes, knitted or crocheted headbands, hacky sacks, hair ornaments, cootie catchers, pencil toppers, iPod cases, handmade toys, cookies or cupcakes, popcorn, trail mix, small shakes or smoothies, bead jewelry, wrist cuffs
Services that students could market include– face painting, hand drawn tattoos (very popular), fingernail painting, back massage, foot massage, Manufacturer’s Marketplace is a great math, business, book-keeping, design, entrepreneurial, marketing and social event for your school. For more lesson plans and school projects, visit Free Printable Lesson Plans.